Standard Bank Group, the continent’s largest lender by assets, is preparing for the departure of two senior executives to rival Absa Group, deepening a leadership shift between the two banks.
Absa’s investment banking arm has appointed Clive Potter, currently Standard Bank’s head of South African client coverage in the same division, as managing executive for client coverage. Francisco Khoza, who serves as Standard Bank’s head of legal, will also move across to Absa, where he will take up the role of deputy group general counsel. The bank confirmed the appointments in response to media queries.
Potter, a long-serving executive with more than 20 years at Standard Bank, is scheduled to assume his new role on 30 March, while Khoza will start on 1 April, according to Absa spokesperson Daniel Munslow.
Their departures follow that of Kenny Fihla, who spent 18 years at Standard Bank before joining Absa as chief executive officer in June. Standard Bank operates in 21 African countries and manages assets of about $195 billion.
Several other senior figures have also followed Fihla from Standard Bank to Absa, including Zaid Moola, now head of Absa’s corporate and investment banking division, and Musa Motloung, who was appointed group strategic risk officer.
Although Absa is smaller than Standard Bank, with assets of roughly $122 billion and a presence in 12 African markets, it has been expanding through targeted acquisitions. Recent deals include the purchase of Standard Chartered’s Uganda operations and HSBC’s retail and business banking portfolio in Mauritius.
Since Fihla took the helm, Absa’s share price has risen 41 per cent, outperforming the FTSE/JSE Banks Index, which gained 25 per cent over the same period. The rally has lifted Absa’s market capitalisation to about R219 billion, or $13.4 billion.